The US Sanctions North Korean Banker, Accusing Him of Laundering Stolen Cryptocurrency Funds

On November 4th, the Office of Foreign Assets Control (OFAC) within the U.S. Department of the Treasury announced on the same day that it has imposed a new round of sanctions on multiple bankers, financial institutions, and related entities. It is accused that these entities are involved in laundering money for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program. The U.S. Treasury Department stated that in the past three years, North Korea has stolen more than $3 billion in digital assets through malicious software and social engineering attacks, surpassing the related behaviors of any other country. The sanctioned individuals include North Korean bankers Jang Kuk Chol and Ho Jong Son. They are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency. The Treasury Department pointed out that North Korea relies on a network of banks, shell companies, and financial institutions established in its own country, Russia, and other places for money laundering, cryptocurrency theft, and sanctions evasion. The U.S. had previously warned businesses to be cautious of disguised North Korean IT professionals infiltrating financial systems to engage in illegal activities. (AP)